ZSE-Listed Revitus REIT Posts Positive 1Q Earmings
REVITUS
CBZ Wealth Management Centre
Cnr Edinburgh/Campbell Rd
Pomona, Borrowdale
P.O Box HG 480
Highlands, Harare
revitusreit.co.zw
TRADING UPDATE
For the first quarter ended 31 March 2025
Operating Environment
In Q1 2025, the restrictive monetary policy stabilized exchange rates and eased inflation. Activity in capital markets was subdued due to liquidity constraints. Statutory Instrument 34 of 2025, gazetted in April, signals a shift to more flexible exchange rate policies and reducing currency risks. We anticipate continued economic growth driven by a good agricultural season, infrastructure improvements, and rising investor confidence.
Property market
Real estate remains a favoured investment, offering capital preservation and steady rental income despite macroeconomic uncertainties. Recovery across commercial, residential, and industrial sectors is expected to drive gradual growth. The oversupply of CBD office spaces from Covid-19 is gradually decreasing as many are converted to mixed-use developments, with office rentals adjusting downward to meet demand. The REIT maintains cautious optimism, mindful of potential risks and opportunities in the CBD areas where all its properties are situated.
Portfolio performance and prospects
The REIT remains focused on revitalization of the seeded CBD office buildings to unlock value and generate sustainable USD earnings. The pilot project for transformation of Chester House (Harare) from office use to a licensed hotel is actively underway in collaboration with an appointed reputable international operator, with completion expected by Q2 2026. Ongoing maintenance works at Electra House and Africa House, including elevator refurbishments, are anticipated to enhance their overall appeal, attract more tenants, and ultimately improve performance of the properties.
Performance highlights
The unaudited performance highlights for the quarter ended 31 March 2025 are as presented below:
Financial Highlights
| 31 Mar 2025 (USD) | 31 Mar 2024 (USD) | |
|---|---|---|
| Profit for the period | $130 892 | $102 636 |
| 31 Mar 2025 (USD) | 31 Dec 2024 (USD) | |
|---|---|---|
| Net Asset Value | $21 036 224 | $20 850 872 |
| Occupancy Ratio | 42% | 40% |
Dividend Announcement
The REIT has declared a dividend of USD 38 430 (being 0.0104 United States cents per unit) for the quarter ended 31 March 2025.
Dividend timetable
| DETAILS | DATES |
|---|---|
| Dividend Announcement Date | 18 Jul 2025 |
| Last date to trade cum-dividend | 30 Jul 2025 |
| Trade Ex-Dividend date | 31 Jul 2025 |
| Record Date | 01 Aug 2025 |
| Payment Date | 06 Aug 2025 |
On behalf of the Asset Manager
Tendai Muzadzi
31 May 2025